WASHINGTON (AP) — Mitt Romney's transition team is quietly talking with government officials and Capitol Hill to develop a plan, if he's elected, to prevent massive cuts to the defense budget and extend tax cuts first passed under President George W. Bush.
The Republican's goal is to put his own stamp on legislation to fix the so-called fiscal cliff well before his Jan. 20 inauguration. The tax cuts are set to expire Jan. 1, and economists in both political parties say the reductions in spending combined with higher taxes would likely throw the country back into recession.
The economic policy planning is a major element of what's dubbed "The Readiness Project" inside the campaign.
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